The modern economy is influenced in countless ways by the advance of science and technology. New industries are born as a consequence of the mating of new technologies with new or existing consumer demand. Industries, old or new, shift their location and change their characteristics—and the nature of their work force—in response to technological change. The mechanism and style of management also change as new technology filters into the boardroom as well as the shop floor. The burgeoning literature devoted to pointing out the effects of technological change documents all this in detail—sometimes complete with color photographs and ringing phrases—in publications ranging from learned journals to Sunday supplements. Every schoolboy takes it for granted that technological advance is an enormously potent force that helps to shape the contours of the economy.
KeywordsFederal Government Technological Change Large Firm Marginal Rate Shop Floor
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- 1.See Edwin Mansfield, The Economics of Technological Change (New York: W. W. Norton, 1968).Google Scholar
- 4.For more discussion of the topics of this section, see Edwin Mansfield, Industrial Research and Technological Innovation, (New York: W. W. Norton for the Cowles Foundation for Research in Economics at Yale University, 1968).Google Scholar
- 8.For further discussion of parallel approaches, see Thomas Marschak, Thomas Glennan, and Robert Summers, Strategy for R and D (New York: Springer-Verlag, 1967);Google Scholar
- R. Nelson, “Uncertainty, Learning, and the Economics of Parallel Research and Development Efforts” (Review of Economics and Statistics, 1961).Google Scholar
- 12.John Kenneth Galbraith, American Capitalism (Boston: Houghton Mifflin, 1952), p. 91.Google Scholar